Web3 cryptos are a new wave of cryptocurrencies that focus on making the decentralized vision of Web3 a reality. They combine blockchain technology with smart contracts to give people control over their data and make transactions without relying on third parties.

Web3 is also known as the third generation of the internet. It aims to remove control from large corporations and operate in a decentralized way that is owned, built and operated by the users themselves.

Read more: Web3 and the Metaverse Are Not the Same

Unlike traditional online companies that leverage your information, Web3 will give back control of data to the individual. It will bring unique possibilities. For instance, musical artists can post their creations on decentralized platforms or their own personal devices instead of relying on centralized organizations like Spotify or YouTube to profit from them.

Web3 aims to avoid watchdogs or agencies telling you what services you can access or can’t access. Transactions in Web3 are between two or more parties without a middleman to improve privacy, autonomy and control of data.

A cryptocurrency associated with Web3 may provide various services formerly offered by cloud providers, such as computation, bandwidth, storage, identification and hosting services.

With the rapid growth of cryptocurrencies and Web3, developers have been working on improving both technologies by making them more scalable, secure and efficient. Web3 is often mentioned with cryptocurrencies because they share the core principles of decentralization and equal access.

Read more: What is a decentralized application?

Here are some examples of Web3 crypto projects that are working on building the next generation of the web:

Read More: What Web 3 Means to Andreessen Horowitz